NRS681A.530. Managers: Maintenance of records of transactions; access to accounts and records by reinsurer.

      1.  For at least 10 years after expiration of each contract of reinsurance transacted by a manager for reinsurance, the manager for reinsurance shall keep a complete record for each transaction, including evidence of:

      (a) The type of contract, limits, underwriting restrictions, classes or risks and territory;

      (b) The period of coverage, including effective and expiration dates, provisions concerning cancellation and notice of cancellation, and disposition of outstanding reserves on covered risks;

      (c) The requirements for reporting and settling balances;

      (d) The rate used to compute the reinsurance premium;

      (e) The names and addresses of reinsurers;

      (f) The rates of all commissions for reinsurance, including the commissions on any retrocessions handled by the manager for reinsurance;

      (g) Any related correspondence and memoranda;

      (h) Proof of placement;

      (i) Any details regarding retrocessions handled by the manager for reinsurance, including the identity of retrocessionaires and percentage of each contract assumed or ceded;

      (j) Financial records, including accounts of premium and loss; and

      (k) If the manager for reinsurance places a contract of reinsurance on behalf of a ceding insurer:

             (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or

             (2) Through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.

      2.  The manager for reinsurance shall allow a reinsurer to have access and to copy all accounts and records maintained by the manager for reinsurance related to its business in a form usable by the reinsurer.

      (Added to NRS by 1995, 1764)